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Infosheet – Stay Compliant When It Comes to Protecting Deposits

At The Lettings Hub, our specialist insurance products provide a vital safety net for your tenants, and help to protect your landlords, all whilst effortlessly generating income for you. So we have put together a guide to make protecting your tenants as easy as possible.

Stay Compliant When It Comes to Protecting Deposits

| Infosheet

Every letting agent knows that when a tenant pays a deposit for their rental home, it must be protected in a recognised deposit scheme within 30 days of receipt, and the appropriate information provided to the tenant. The tenant has a right to know where the money is being held, as well as when and why their landlord may seek to make deductions from the deposit at the end of the tenancy.

If the landlord fails to provide this information, then the penalties can be an order to return the deposit and pay compensation of between one and three times the value of the deposit.

Alongside our partners at Woodstock Legal Services, we look at at how you can best protect your landlords when setting up the tenancy and a range of case studies where this was not the case.